Securities and Exchange Commission v. Variable Annuity Life Insurance Co. of America
United States Supreme Court
359 U.S. 65 (1959)
Facts
The Variable Annuity Life Insurance Company of America (VALICA) (defendant) offered annuity contracts without registering the annuities under the Securities Act of 1933 (the Act), 15 U.S.C. § 77a. The annuities required the annuitants to make payments on the basis of the mortality predictions reflected in the contracts. VALICA was regulated under the insurance laws of the District of Columbia and other states, which included provisions and exemptions of the McCarran-Ferguson Act. The Securities and Exchange Commission (SEC) (plaintiff) brought an action to enjoin VALICA from offering annuities not registered under the Act. VALICA argued that the annuities were considered contracts of insurance not subject to securities law. The district court held in favor of VALICA, and the court of appeals affirmed. The United States Supreme Court granted certiorari.
Rule of Law
Issue
Holding and Reasoning (Douglas, J.)
Concurrence (Brennan, J.)
Dissent (Harlan, J.)
What to do next…
Here's why 710,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 44,600 briefs, keyed to 983 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.
